Staying on Top of your Accounting

August 19, 2018  /  Heather Richard

It’s not uncommon, especially for freelance bookkeepers or accountants, to get behind on updating or reviewing their clients books. There are several factors that can make it difficult for even the most professional accountants to stay on top of things:

  • Client does not provide access to documents in a timely manner
  • Client workload exceeds time available (Too much work can be a great thing if managed or outsourced effectively.)
  • Not using automated transaction entry systems, which can cut entry time significantly
  • Inefficient workflow planning
  • Lack of prioritization (getting caught up in the minutia, and overlooking the big picture) 
  • Simply, laziness or procrastination

AS THE ACCOUNTING PROFESSIONAL, IT'S YOUR JOB TO:

  • Insist on document availability (whether online access or timely Dropbox uploads) 
  • Realize when the volume of your client workload makes it difficult to produce timely reports & meet deadlines. Sit down an make a list of ways you can be more efficient with your time. If you are running as efficiently as possible and still are overwhelmed, make hiring a bookkeeper or outsourcing the work a priority.
  • Automate as much as possible!! Most accounting systems will allow for bank and credit card syncing or automatic download. If you are charging on a flat rate system, this will decrease your time-to-rate ratio and increase your profitability.
  • Streamline your workflow. Create your own deadlines for receiving client documentation, entry completion, and reporting. Hold yourself accountable to these procedures.
  • Prioritize the work that will create meaningful data to the client. Do you really need to spend 3 hours figuring out why the bank account is off by 1 cent, when you still haven’t reconciled the payroll for the quarter? Work smartly.
  • The freedom to work at your own pace can sometimes lead to procrastination. It’s important to check yourself! Take an honest look at your work habits and flow to see if there is room for improvement. Set a schedule for entry or review and stick to it! You’ll be happier and more productive in the long run.

By periodically reviewing your own work habits and holding yourself accountable to a higher standard, you can streamline your workload and relieve the stress of looming deadlines. If you're an accounting professional who needs assistance with workflow, or a client who is seeking an accountant who operates with a high level of awareness, contact us today!